Elk Ridge Utah Income Charts

This section shows the Elk Ridge Utah economy using the most recent economic analysis from the 2020 Census Bureau. Starting with Figure 1 which shows the median earnings per worker, Elk Ridge shows it has a Median earnings of $63,803 which is the second most of all the places in the local area. The city with the highest median earnings per worker in the area is Woodland Hills which depicts a median earnings of $64,792 ( only slightly larger). Comparing median earnings per worker to the United States average of $49,041, Elk Ridge is 30.1% larger. Also, in comparison with the state of Utah, median earnings per worker of $48,166, Elk Ridge is 32.5% larger.

In Figure 2 a more complete view of income is shown which aggregates income from all members in the household and it has a Median household income of $100,391 which is the second most median income of all the places in the greater Elk Ridge region. The city with the highest median household income in the area is Woodland Hills which shows a median income of $101,071 ( about the same size). Comparing median household income to the United States average of $62,843, Elk Ridge is 59.7% larger. Also, in comparison with the state of Utah, median household income of $71,621, Elk Ridge is 40.2% larger.

The next section examines a variety of different income statistics for the Elk Ridge metropolitan area. In Figure 3 we see that it has the percentage of earnings less than $10,000 less than most other places in the local area at 6.1% of the total. Second, it has the smallest proportion of earnings between $10,000 and $14,999 at 5.1% of the total.

Figure 5 has the Average number of hours worked in a typical work week during the year, it has a Avg Hours Worked of 36.7 which is the second most average hours of all the places in the greater Elk Ridge region. The city with the highest average hours in the area is Spring Lake CDP which shows an average hours of 39.6 (7.9% larger). Dividing median annual worker earnings by the average number of hours worked in a year in Figure 6 shows that it has a Avg Hrly Earnings of $33.43 which is the second most average hourly earnings of all the places in the greater Elk Ridge region. The city with the highest average hourly earnings in the area is Woodland Hills which depicts an average hourly earnings of $34.71 (only about 3.8% larger). Comparing average hourly earnings to the United States average of $24.31, Elk Ridge is 37.5% larger. Also, measured against the state of Utah, average hourly earnings of $24.90, Elk Ridge is 34.3% larger.

Figure 7 examines the number of self employed people in the Elk Ridge metro area based on the number of people who reported any self employment income. Elk Ridge shows it has a Self Employed of 14.8% which is in the mid range of other places in the area. The city with the highest percentage of people self employed in the area is West Mountain CDP which depicts a percentage self employed of 20.3% (37.6% larger).

Turning our attention to Figure 8, the median household income by age group, it has one of the largest proportions of median income-under 25 years at $91,071 of the total and is ranked #2. The only larger city being Salem with $104,479. Second, it has in the mid point range of other places in the local area in terms of median income-25 to 44 years at $118,333 of the total. Third, it has in the mid range of other places in the surrounding region when sorted by median income-45 to 64 years at $60,938 of the total.

Figure 9 breaks down the source of income and Elk Ridge has the smallest proportion of investment and retirement income at 3.3% of the total.

The next chart (Figure 11) shows the percentage of households that had retirement income over the last 12 months and it has a With Retirement Income of 19.3% which is the second smallest when sorted by households with retirement income of all the other places in the area. The city with the highest households with retirement income in the area is Spring Lake CDP which depicts a households with retirement income of 43.1% (approximately 2.2 times bigger).

In the next chart, Figure 12, the median family income is shown for families broken down by racial group and has the percentage of overall family income in the center range of other places in the area at $103,621 of the total. Second, it has one of the largest proportions of hawaiian family income at $73,125 of the total and is ranked #3. Only #2 Salem ($86,786), and #1 Woodland Hills ($126,250) are larger.

Figure 13 shows the cost of living and other consumer spending categories for a variety of cost components from the Bureau of Labor Statistics. Elk Ridge depicts it has the hightest cost of 163.1 for the cost of housing classification.

Elk Ridge Utah Labor Force Charts

The next two charts look at very recent, monthly trended employment related performance using data estimated by economists at the Bureau of Labor Statistics (BLS). The BLS tracks unemployment statistics for a large number of areas throughout the country on a month to month basis. However, not every location in the U.S. is tracked by the BLS so the chart will only show the closest location available (which may be the same location.) Figure 14 shows the monthly unemployment rate for the area as well as a comparison to the overall national economy measure for the United States. Note that in March to April 2020, the Covid 19 recession or great recession occurred and affects this metric. . It depicts that from February 2010 to before the disasterous Coronavirus Pandemic the monthly unemployment rate went from 9.4% to 2.6% in February 2020. This represents a decrease in the monthly unemployment rate of 72.3%. Since that time, the monthly unemployment rate has gone to 3.0% This represents an increase in the monthly unemployment rate of 15.4%. In Figure 15 the monthly labor force participation which are people actively looking for work are also defined as unemployed but do not include people who have given up looking for work. . It depicts that from February 2010 to before the disasterous Coronavirus Pandemic the monthly labor force participation went from 14,509 to 18,708 in February 2020. This represents an increase in the monthly labor force participation of 28.9%. Since that time, the monthly labor force participation has gone to 18,737 This represents an increase in the monthly labor force participation of very little.

The next two charts look at the annual unemployment rate/eligible for unemployment benefits and is based on the American Community survey. Figure 16 shows Elk Ridge shows it has a Unemployment Rate of 3.5% which is the third most unemployment rate of all other places in the greater Elk Ridge region. The city with the highest unemployment rate in the area is West Mountain CDP which depicts a rate of 4.3% (22.6% larger). Figure 17 shows the labor force participation using the estimated percentage of people either working or actively looking for work. Elk Ridge depicts it has a Labor Force Participation of 67.2% which is the third most participation rates of all other places in the greater Elk Ridge region.

The percentage of full-time workers are compared to the number of part-time workers in Figure 19. Elk Ridge depicts full time employees about twice as large as the part time employees.

The next employment related data item is shown in Figure 21 which is the percentage of families with only a single earner in the greater Elk Ridge area. Elk Ridge depicts it has a Single Earner Families of 33.5% which is less than most other places in the metro area. The city with the highest families with a single earner in the area is Woodland Hills which depicts a single earners rate of 46.2% (38.2% larger). The percentage of families with no one working is depicted in Figure 22. Elk Ridge depicts it has a Families with No One Working of 9.9% which is the second smallest in terms of families with no one working of all the other places in the metro area. The city with the highest families with no one working in the area is Benjamin CDP which shows a families with no worker of 26.2% (approximately 2.7 times bigger).

Elk Ridge Utah Poverty Charts

The next section details economy analysis about poverty for residents of the Elk Ridge community. This performance can be enhanced by government programs such as economic opportunity zone to influence manufacturing, job growth, economic opportunity an hopefully lead to economic recovery after the recent Covid 19 recession. In Figure 23 the total number of people earning less than the poverty level are shown. Elk Ridge depicts it has a Total In Poverty of 101 which is in the mid range of other places in the metro area. The city with the highest total people earning less than the poverty level in the area is Payson which shows a total people earning less than the poverty level of 1,825 ( considerably bigger).

In Figure 24 the percentage of people earning less than the poverty level is shown and compared across the group of places. Elk Ridge depicts it has a Percent of Population In Poverty of 2.7% which is less than most other places in the area. The city with the highest percent of people earning less than the poverty level in the area is Spring Lake CDP which depicts a percent of people in poverty of 16.5% ( very much bigger).

In Figure 25 people who are in poverty are broken out by age group. Elk Ridge has the largest proportion of person in poverty under 12 years at 27% of the total and is ranked #1. Second, it has one of the largest proportions of person in poverty 35 to 54 years at 21% of the total and is ranked #2. The only larger city being Salem with 23%.

Figure 27 shows key poverty statistics for groups based on marriage status. Elk Ridge has the percentage of married with children and in poverty in the mid range of other places in the greater region at 13% of the total. Second, it has in the mid point range of other places in the local area in terms of unmarried with children and in poverty at 13% of the total. Figure 29 looks at only those people who make less than the poverty level of income and breaks down there employment status. Elk Ridge has one of the largest proportions of people who are in poverty and unemployed at 21.8% of the total and is ranked #2. The only larger city being Woodland Hills with 22.0%. Additionally, Figure 30 looks at the percentage of people who receive some form of public assistance including general assistance, temporary assistance or food stamps (i.e. SNAP.) Elk Ridge shows it has a Public Assistance Percent of 0.4% which is the smallest as measured by households with public assistance of all the other places in the metro area. The city with the highest households with public assistance in the area is Payson which shows a households with public assistance of 11.4% ( considerably bigger).

Figure 31 shows the "Gini Index of Income Inequality" with a range from zero (perfect equality) to one (perfect inequality). Elk Ridge indicates it has a Gini Index of 31.6% which is the second smallest in terms of the gini index of all the other places in the local area.

Elk Ridge Utah Work Commute Charts

Figure 33 shows a more detailed view of how the population commutes to work for (for example to downtown Elk Ridge or elsewhere.) Elk Ridge has the largest proportion of people who bike at 1% of the total and is ranked #1.

In Figure 35 is shown a frequency distribution of the time that people leave for work. Elk Ridge has the smallest proportion of people who leave for work between 12am to 5am at 1% of the total. Second, it has the largest proportion of people who leave for work between 7am to 730am at 19% of the total and is ranked #1. Third, it has the largest proportion of people who leave for work between 730 am to 8am at 13% of the total and is ranked #1.

The next graph in Figure 36 shows the average number of minutes that it takes for people to commute to work. Elk Ridge has the percentage of people with commute time of less than 5 minutesutes less than most other places in the local area at 7% of the total. Second, it has in the mid point range of other places in the surrounding region when ranked by people with commute time between 5 to 9 minutes at 14% of the total. Third, it has the second smallest when ranked by people with commute time of less than 5 minutes of all the other places in the local area when sorted by people with commute time between 10 to 14 minutes at 12% of the total. Also, it has the largest proportion of people with commute time between 30 to 34 minutes at 4% of the total and is ranked #1.

The average commute time is shown in Figure 37. Elk Ridge shows it has a Avg Commute Time of 26 which is the third most of all other places in the metro area. Figure 38 shows the difference between male versus female commuting time. Elk Ridge shows average commute time in minutes for men about twice as large as the average commute time in minutes for women. Figure 40 shows the total number of vehicles available for transportation and Elk Ridge has one of the largest proportions of no vehicle available at 7% of the total and is ranked #2. The only larger city being Payson with 10%. Second, it has less than most other places in the metro area in order of 3 vehicles available at 15% of the total. Third, it has in the mid point range of other places in the local area as measured by 4 vehicles available at 16% of the total. Figure 41 shows the percentage of people who both work and live in the same city (town or place.) Elk Ridge depicts it has a Work in city or place where live of 15% which is the second smallest in order of people who both work and live in the same city of all the other places in the local area. The city with the highest people who both work and live in the same city in the area is Payson which shows a people who both work and live in the same city of 27% (about twice as large). Comparing people who both work and live in the same city to the United States average of 42%, Elk Ridge is approximately a third the size. Also, benchmarked against the state of Utah, people who both work and live in the same city of 32%, Elk Ridge is approximately half the size.

Elk Ridge Utah Jobs Charts

The next to charts break out the median earnings for major job categories for men and women. Figure 46 shows the median earnings of men for the job categories. Elk Ridge depicts it has the hightest median earnings of $121,667 for the earnings-healthcare practitioners and tech occupations category. Similarly, Figure 47 shows the median earnings of women for the job categories and Elk Ridge depicts it has the hightest median earnings of $67,411 for the management, business, and financial occupations category. The table in Figure 48, shows Elk Ridge employment data in terms of job categories and salary data.

Elk Ridge Utah Self Employment Charts

Figure 49 shows economic activity in terms of the number of people who are self employed in incorporated local business by industry. Elk Ridge depicts it has the hightest entrepreneurs of 58% for the self employed management, business, science, and arts businesses group.

Similar to the last chart is Figure 50 which shows the number of people who are self employed but in more detailed industry categories such as manufacturing, retail sales, residential real estate, commercial real estate, health care, exports/imports, and advanced industries, etc. Elk Ridge shows it has the hightest entrepreneurs of 29% for the self employed in professional, scientific, management, administrative services classification.

In Figure 51 the average annual self employment/entrepreneur income is shown. Elk Ridge depicts it has a Self Employment Income of $40,227 which is the third most average annual self employment income of all other places in the greater Elk Ridge region. The city with the highest average annual self employment income in the area is Salem which shows an average annual self employment income of $59,585 (48.1% larger). Comparing average annual self employment income to the United States average of $39,154, Elk Ridge is only about 2.7% larger. Also, versus the state of Utah, average annual self employment income of $33,077, Elk Ridge is 21.6% larger.

Figure 52 shows the difference between the number of self employed men and self employed women (i.e. entrepreneurs.) Elk Ridge shows total number of self-employed men approximately 3.3 times bigger as the total number of self-employed women.